On July 1, 2022, Marin plc made two sales.

1.		It sold land having a fair value of 902,220 in exchange for a 4-year, zero-interest-bearing promissory note in the face amount of 1,419,656. The land is carried on Marin's books at a cost of 590,900.
2.		It rendered services in exchange for a 3%, 8-year promissory note having a face value of 402,150 (interest payable annually).

Marin recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. Record the two journal entries that should be recorded by Marin plc for the sales transactions above that took place on July 1, 2022. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

On July 1, 2022, Marin plc made two sales. 1. It sold land having a fair value of 902,220 in exchange for a 4-year, zero-interest-bearing promissory note in the face amount of 1,419,656. The land is carried on Marin's books at a cost of 590,900. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of 402,150 (interest payable annually). Marin recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. Record the two journal entries that should be recorded by Marin plc for the sales transactions above that took place on July 1, 2022. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. July 1, 2022 2. July 1, 2022